Table of Contents
EXECUTIVE SUMMARY 2
INTRODUCTION 3
AN OVERVIEW OF THE CURRENT ECONOMY IN VIETNAM 3
THE CURRENT SITUATION OF REAL ESTATE MARKET 4
HOANG ANH GIA LAI GROUP F HAGL 7
HAGL S HISTORICAL CREDIT 11
THE NEXT HAGL S PLAN 12
THE MAJOR RISK WHICH HAGL HAS BEEN FACING 14
AN ANALYSIS ON KEY FINANCIALS 15
PROJECTION 20
RECOMMENDATION 20
WORKS CITED 22

Executive summary
In this report, our team as a representative for ERC bank located in HCM city conducts a credit analysis about Hoang Anh Gia Lai group in order to consider their loan application with US$ 500,000 based on overview of HAGL s current activities and current economy conditions, especially in the property market and also the purpose of borrowing money. Plus, we also do a deep analysis on key financials to evaluate the past 3 years performances of this company. At the end, we will make recommendation.
Firstly, we provides an overview of the current economy in Vietnam recently where more and more people are getting into middle class and the recovery of the economy is appearing more clearly. As a result, with easing the monetary policies and supporting for the end home users, they are good responses for property market to break the freezing situation.
Secondly, there is an overview of HAGL s activities which they have currently launched 10 potential projects providing more than 900 luxury apartments and they also are offering 2 new options for the consumers in order to generate more sales. Besides, as if the loan application gets approved, they will start another apartment projects that aim at middle class customers based on the trend of majority and the resettlement projects from government. Moreover, we also clarify the sources of their shortTterm debts that 80% comes from other industries not including real estate and these industries are under